Not all homes are created equally and as a homeowner, you might find yourself with a home that is in disrepair.
So what do you do? this article goes over 4 things to know about selling your distressed property in Houston.
Listing your home for sale can be a headache under normal conditions not to mention a home with issues.
Many homeowners find that they are overwhelmed with the process because they aren’t getting their home sold.
If you find yourself in a situation where you are selling your home by yourself and you are not sure what to do. We are here to help you, sell to Sell Your Homes Houston now.
lets us take the headaches, lost time, money, and frustration away from the selling process.
We offer a no obligation offer, no repairs needed and closing that is convenient for you.
There are different types of distressed properties, here are the categories they fall under:
- Foreclosure
- Short sale
- REO properties (these are properties owned by the lending institution)
Unfortunately, your property can fall under foreclosure, due to failure to pay the mortgage or taxes.
This happens a lot due to no fault of your own, sometimes circumstances change, and you’re not able to coup financially.
Without any resolution being reached by the homeowner to rectify the past due payments, your home could be sold by the lender to recoup their losses.
The process of selling your home can also be done by what is known as a short sale.
If a home fails to sell at the foreclosure auction, it becomes what is known as a real estate owned or bank-owned property.
If you would like to know the differences between a short sale and a foreclosure this article is a must-read for you.
Should you find yourself in this situation, there are 4 things you’ll want to know about before selling your distressed property in Houston.
Holding the Bag
Should the property sell for less than the lender is due, you’ll still be held financially responsible for the debt remaining on the mortgage, even after foreclosure.
This is known as a deficiency balance, which quite often exceeds the value of the homeowners remaining assets and could lead to declaring bankruptcy.
Even with a short sale, unless it is agreed to prior, you could still owe some of the debt when the transaction is complete.
You Don’t Have A Lot Of Time
When it comes to taking action to stop an impending foreclosure, this isn’t the time to be indecisive.
Don’t hide your head in the sand and hope your troubles will go away, your not and ostrich.
There truly is no time like the present. When considering selling your distressed property in Houston, don’t hesitate.
The bank has a countdown going that will not stop and you’ll be losing time and likely money the longer your home sits unsold.
Non Cash Offers
When you are selling your distressed property in Houston, you’ll want to forego working with buyers who have funds that are based on non-cash investments.
Time isn’t on your side and sidesteps stalling the sale of your home until they’ve liquidated their assets.
You’ll want to be sure that you are spending this precious time wisely and only working with qualified cash buyers.
Assessing Price
It cannot be overstated that setting the price of a property on the market in Houston, is extremely important in accomplishing a quick sale.
It takes a great deal of investigating to set the price correctly. You’ll need to understand the going rate on the current market, most especially for distressed properties, which often include repairs and other costs that aren’t associated with traditional home sales.
Making an error on the asking price can cause the property to sit. That is the last thing you want when you’re facing the consequences that can come with going through foreclosure.
You should be aware, when you are selling a distressed property, you can anticipate selling at below market value.
Listing a distressed property in Houston on your own can be brutal! If facing the decision of selling your distressed property in Houston on your own, the task can be daunting, to say the least.
Listing your home on the market is no guarantee that it will sell. Consider selling to Sell Your Homes Houston directly instead and avoid all of the stress and headaches.
Conclusion
Selling a distressed property in Houston can be a tough task. Even if you are working with a realtor there is no guarantee that you will sell your home.
Potential buyers are looking for homes that are move-in ready and your home might not be in that condition. Furthermore, you don’t have the additional cash to do the work needed.
Besides these circumstances, you still need to sell your home. This article will give you 4 strategies to sell your distressed property in Houston.
DO YOU STILL NEED TO SELL YOUR DISTRESSED PROPERTY IN HOUSTON?